Shibarium, a layer 2 network for the Shiba Inu ecosystem built on Ethereum, is on the verge of transformation with the upcoming hard fork. The hard fork will officially go live on Tuesday morning this week according to Indian Standard Time. The fork could occur as early as late Monday for users in western time zones.
Since its launch in 2023, the Shibarium network has become quite popular. This platform has processed nearly 600 million transactions, reaching the milestone of 500 million earlier this month. Shibarium runs on the Ethereum blockchain, leveraging its security and framework while adding its own unique features. Moreover, around 2 million blockchain addresses have engaged with Shibarium, and the network has successfully processed over 8 million blocks.
What to Expect from the Shibarium Hard Fork
A hard fork occurs when there are changes to the software running the cryptocurrency on its blockchain, which is the system that tracks all transactions. Like any other software, updates can improve how it functions.
The upcoming upgrade for Shibarium focuses on scalability, allowing the network to handle more transactions and maintain a seamless user experience during busy periods. Additionally, the hard fork will improve transaction speeds by optimizing processing methods, significantly reducing confirmation times and enhancing reliability. Furthermore, this upgrade is designed for long-lasting durability, ensuring the network can scale effectively for future growth and meet the demands of its expanding ecosystem.
For security purposes, token holders are encouraged to remain vigilant, checking their wallet connections and transaction statuses before and after upgrades. This hard fork is based on significant progress made recently. On November 30, Shiba Inu ecosystem developer Kaal Dhairya announced the completion of maintenance efforts on the Shibarium bridge. This upgrade temporarily put the bridge into maintenance mode to address security concerns and prepare for future changes, with Dhairya assuring users that their funds remain safe throughout the process.
However, hard forks are not without challenges. They can confuse investors when a new but similar cryptocurrency emerges from the original. Furthermore, hackers may exploit vulnerabilities in the blockchain after a hard fork, potentially leading to issues such as 51% attacks or replay attacks.
Potential Impact on Shiba Inu's Price
The impressive growth of Shiba Inu has secured its position back among the top 10 cryptocurrencies, boasting a notable market valuation of $17.9 billion. As of now, Shiba Inu is priced at approximately $0.000030, corresponding to a decrease of 1.47% in the past 24 hours. However, over the past month, the token has surged by 46%, increasing by 16.26% in the past week, indicating a continuous growth trend.
In the past year, it has surged over 200%, tripling investors' profits in a relatively short period. Anticipated updates for Shibarium and the launch of the Shiba Inu Metaverse are expected to further drive the price of Shiba Inu. Market analysts are monitoring the next resistance level set at $0.000035. This hard fork could signal the beginning of a bullish phase for investors, creating an early Christmas celebration for them.
